The Buffett Rule is exactly like the AMT. Every year, congress needs to pass an "AMT fix". Why is that? If you don't know, you probably shouldn't support the Buffett Rule.

BTW, the average federal income tax rate of the top 1% is 31%. Some particular individuals pay less than this, but if it's the average, that means others are paying more. Or maybe the same people, in different years! If you don't like that people with the same income pay wildly disparate rates, vote against the party that's constantly manipulating the tax code with new credits, deductions, subsidies, and other complexities.

2:41 pm February 14, 2012

Seneca wrote:

Upchuck.

2:48 pm February 14, 2012

The First Street Journal wrote:

The esteemed Senator Schumer seems to have forgotten that the Constitution requires that all bills for raising revenue must originate in the House of Representatives. Such a bill cannot (constitutionally) be brought to the Senate floor unless first passed by the House, and such a measure wouldn't even reach the House floor; it would die in the Ways and Means Committee. If the Distinguished Gentleman from New York truly believes that "the Buffett rule is going to be on the floor of the Senate…we’re going to debate it this year," then one is forced to wonder how many other impossible things he can believe before breakfast.

3:14 pm February 14, 2012

Anonymous wrote:

Let's be honest: class exists in the US and those of us in the wealthy class love it. A special tax on us because we're wealthy isn't going to break me. I don't like the idea, but that's part of the point: the ones' who are complaining are those who can't afford it because they aren't part of the wealthy class. Rather than admit it, they couch their indignation and opposition in terms on "unAmerican," unconstitutional, and class warfare.

3:17 pm February 14, 2012

FROM THE MIDWEST wrote:

First, Warren Buffet is a jacka** He has not earned the right to speak for anybody. Second, I would support and pay higher taxes if they actually put a plan together that would balance the budget and pay down the debt. As it is, the congress (mostly all of them) and Obama are only interested in lining the pockets of their supporters and buying votes. I refuse to give those irresponsible clowns a single penny more until they get a clue. We will be Greece in 5-10 years, except, our population has guns, where they only have rocks and bottels of gas. It will be scary.

3:19 pm February 14, 2012

Mary wrote:

3:14 pm February 14, 2012
Anonymous

You are so full of it.......you are not in the wealthy class. give me a break

But yeah class does exist in the U.S. but apparently you don't have any.

4:19 pm February 14, 2012

Steve wrote:

In response to Anonymous below - Wow, thank you for a moment of true clarity and honesty. Now please pay the same tax rate that I do – 30%. Your class (yes the upper class does exist) uses the same services – the FAA paid air traffic controllers guide your private jets the same as the Southwest 737s –so please start paying the same tax RATE that I do. Again thank you for your profound honesty.

Anonymous wrote :
Let’s be honest: class exists in the US and those of us in the wealthy class love it. A special tax on us because we’re wealthy isn’t going to break me. I don’t like the idea, but that’s part of the point: the ones’ who are complaining are those who can’t afford it because they aren’t part of the wealthy class. Rather than admit it, they couch their indignation and opposition in terms on “unAmerican,” unconstitutional, and class warfare.

4:28 pm February 14, 2012

Anonymous wrote:

Yes! Make the rich pay their fair share! Hold them accountable. This is what real Americans are demanding from this president and from Democrats. Incomes for the top percent of taxpayers have shot up at an obscene pace even as incomes and wages for the vast majority of Americans have fallen. Poverty is at record levels while the rich get big tax breaks on their market investment and corporate jets. Hit 'em in the pocketbook and stop forcing deficit reduction on the backs of the middle-class. http://www.sunstateactivist.org

4:59 pm February 14, 2012

wiseguy wrote:

Anonymous (4:28 pm February 14, 2012): Care to elaborate how does taxing rich more help the poor or narrow the income gap?

Government is the most inefficient provider of charity - even Buffett agrees (at least if you see his action, not just his words). Trillions of dollars have been spent to fight poverty in decades through various government programs, and yet like what you say, poverty is at record levels.

So, again, please tell me how does taxing the rich help?

5:19 pm February 14, 2012

wiseguy wrote:

For years, Schumer is one of the strongest defender of the tax rate of hedge fund's carried interests. He is also one of the biggest receiver of wall street money, given that he is the senator of NY.

And of course, this is the election year. So Schumer has no problem open his big mouth to "support" the Buffett rule, knowing that this will not be passed in the House, and also unlikely to pass in senate either. But thumping his chest in the name of "fairness" will hopefully get a few dumb democrats votes.

At least this is the strategy.

5:54 pm February 14, 2012

Ken from Austin, TX wrote:

"So, again, please tell me how does taxing the rich help?"

Taxing the rich will certainly help Obama circle the globe another 40 times. Just think how much campaigning he can do with a new tax? Seriously, you can't even find accurate expense reports on the cost of running the White House. Money sent to DC is lost in a black hole of fake accounts, hidden expenses, and creative deception. The Mafia was never so clever.

2:41 Upchuck. :)

7:53 pm February 14, 2012

wiseguy wrote:

Sorry to inundate this post. I just can't help with Schumer's hypocrisy.

The proper way to answer Schumer's question of "Why wait? is the question of "Why waited?"

Why waited till election year to propose and debate the Buffett rule? Didn't democrats have super-majority in 2009?

10:58 pm February 14, 2012

Howard Beale Jr wrote:

Why is it called the Buffet rule? His taxes won't go up. Ol' Warren has a whole department of attorneys working out tax strategies for him.

Another day another day of redistribution of personal wealth and property here in Obamaland. But, then again somebody has got to pay for the "free contraceptions and abortions" and let's not forget the pensions of the government workers retiring at age 50. Maybe i wouldn't be so bitter if Obama would throw me a little something. How about free smokes and maybe a bottle of Jack. Might take the edge off or maybe even get me to the point where I will check out of productive society and go join the rest of the freeloadin' socialist.

10:19 am February 15, 2012

Steve wrote:

Mr. Beale, above, writes the usual untrue dribble heard on Fox News. Like I said above – The Federal govt. provides services to ALL Americans. Do you drive on an interstate highway; Fly with air traffic control support; Eat foods inspected by FDA inspectors? The list goes on and on. Stop whining and pay your fair share – I’m middle class and pay a 30% a tax RATE, and I don’t whine about it because I know that pays for a great infrastructure. One federal program is National Defense. I worked for a federal agency when I was younger – it was called the Marine Corps.

Buffett let the genie out of the bottle – the rich will not slow down investments because of taxes, Buffett wants to make money, good for him, and he doesn’t worry about paying taxes or let it affect his decisions. Romney’s tax returns let another genie out – trickle down does NOT occur. Like many of the rich he sends money to the Cayman Islands and Switzerland to avoid taxes.

11:57 am February 15, 2012

Anonymous wrote:

TAx all income at the same rate regardless of the source. Stop picking winners and losers with the tax code.

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